FIRM PERFORMANCE PADA FAMILY FIRM YANG DIUKUR DENGAN FINANCIAL PERFORMANCE DAN STOCK MARKET PERFOMANCE UNTUK PERUSAHAAN YANG TERDAFTAR DI BEI PERIODE 2011-2013
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Keywords:
Family firm, family ownership, family business, firm performance
Abstract
Abstrak - Tujuan dari penelitian ini adalah untuk mengetahui pengaruh family ownership dengan firm performance, di mana firm performance diukur dengan financial performance dan stock market performance. Obyek dari penelitian ini adalah seluruh perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) kecuali sektor keuangan periode 2011-2013. Penelitian ini menggunakan pendekatan kuantitif dan diuji dengan model regresi berganda. Variabel independen yang digunakan adalah firm performance. Sedangkan variabel dependennya adalah Return on Assets (RoA) dan Tobin’s Q yang merupakan proksi dari financial performance, serta Abnormal Return Saham yang merupakan proksi dari stock market performance. Hasil dari penelitian ini menunjukkan bahwa family ownership tidak memiliki hubungan yang signifikan terhadap firm performance baik diukur dari sudut pandang profitabilitas maupun sudut pandang pasar. Firm performance dari family firm dan non-family firm adalah sama.
Kata kunci: Family firm, family ownership, family business, firm performance
Abstract - The purpose of this study is to determine the effect of family ownership with the firm's performance, in which the firm's performance is measured by financial performance and stock market performance. The objects of this study are all companies listed on the Indonesian Stock Exchange (BEI) except financial sector in 2011-2013 period. This study uses a quantitative approach and tested with multiple regression models. The independent variable is firm performance. While the dependent variables are the Return on Assets (RoA) and Tobin's Q which are a proxy of the financial performance, and Abnormal Stock Return which is a proxy of the stock market performance. The results of this study indicate that family ownership has no significant relationship to the firm's performance, even measured with both profitability and stock market point of view. Firm's performance of family and non-family firm is the same firm.
Keywords: Family firm, family ownership, family business, firm performance
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References
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Pukthuanthong, K., Walker, T., dan Thiengtham, D., 2012. Does family ownership create or destroy value? Evidence form Canada. International Journal of Managerial Finance, Vol.9, 13-48.
Reyna, J.M.S.M. dan Encalada, J.A.D., 2012. The relationship among family business, corporate governance and firm performance: Evidence form the Mexican Stock Exchange. Journal of Business Strategy, Vol.3, 106-117.
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Shyu, J., 2011. Family ownership and firm performance: evidence from Taiwanese firms. International Journal of Managerial Finance, Vol.7, 397-441.
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Villalonga B. dan Amit R. 2006. How do family ownership, control and management affect firm value? Journal of Finance and Economics. 80, 385–417.
Ali, A., Chen, T., dan Radhakrishnan, S., 2007. Corporate disclosures by family firms. Journal of Accounting and Economics, Vol.44, 238-286.
Amran, N., 2010. Corporate governance mechanisms, succession planning and firm performance: evidence from Malaysian companies. An Unpublished Dissertation.
Anderson, R. C. dan Reeb, D. M., 2003. Founding-family ownership and firm performance:Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328.
Audretsch, D.B., Hulsbeck, M., dan Lehmann, E.E., 2013. Families as active monitors of firm performance. Journal of Family Business Strategy, Vol.4, 118-130.
Becht, M., Bolton, P., dan Roell, A., 2002. Corporate Governance and Control. Finance Working Paper, Vol.2.
Burkart, M., Panunzi, F., dan Shleifer, A. 2003. Family Firms. The Journal of Finance, Vol.58, 2167-2202.
Cheng, Q. 2014. Family firm research – A review. China Journal of Accounting Research, Vol. 7, 149-163.
Chrisman, J.J., Chua, J.H., dan Litz, R.A., 2004. Comparing the agency costs of family and non-family firms: conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28(4), 335-421.
Claessens, S., Djankov, S. dan Lang, L.H.P., 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics, Vol.58, 81-112.
Corstjens, M., Maxwell, K., Peyer, U., dan Van der Heyden, L. 2006. Stock market performance of family firms. IFERA 2006 research conference.
Cronqvist, H. dan Nilsson, M., 20013. Agency Cost of Controlling Minority Shareholders. Journal of Financial and Quantitative Analysis, Vol.38, 4.
Demsetz, H. Dan Villalonga, B. 2011. Ownership structre and corporate performance. Journal of Corporate Finance. Vol. 7, 209-233.
Departemen Perdagangan Republik Indonesia. 2015. http://ditjenkpi.kemendag.go.id/website_kpi/Umum/Setditjen/Buku%20Menuju%20ASEAN%20ECONOMIC%20COMMUNITY%202015.pdf (diunduh pada 3 Desember 2014, pukul 02:01).
Dunia Investasi. 2013. http://www.duniainvestasi.com/bei/prices/daily/20101230/page:9 (diakses pada 5 Maret 2015, pukul 21.10).
Efferin, S., Darmadji, S.H., dan Tan, Y. 2008. Metode Penelitian Akuntansi. Graha Ilmu: Yohyakarta.
Eka, M., 2014. Pengaruh Good Corporate Governance terhadap Kinerja Keuangan Perusahaan. Skripsi. Universitas Brawijaya.
Faccio, M., Lang, L.H.P., Young, L, 2001. Dividends and expropriation. American Economic Review, Vol.91, 54-78.
Fama, E.F. dan Jensen, M.C. 1983. Separation of Ownership and Control. ournal Of Law and Economics, Vol.26, 301-325
Family Firm Institute, Inc. 2014. http://www.ffi.org/?page=globaldatapoints (diakses pada 2 Desember 2014, pukul 20:33).
Fraser, L.M. dan Ormiston, A., 2012. Understanding Financial Statements. Pearson.
Gitman, L.J. 2003. Principles of Managerial Finance. Boston: Pearson Addison Wesley.
Gonzalez, M., Guzman, A., Pombo, C., dan Trujillo, M.A. 2012. Family firms and financial performance: The cost of growing. Emerging Markets Review, Vol. 13, 626-649.
Hasan, M.S., Hossain, S.Z., Rahman, R.A., 2014. Monitoring family performance: family ownership and corporate governance structure in Bangladesh. Procedia - Social and Behavioral Sciences, Vol.145, 103 – 109.
Husnan, S. 2004. Dasar-dasar Teori Portfolio dan Analisis Sekuritas. Yogyakarta: UPP AMP YKPN.
James, H. 1999. Owner as manager, extended horizons and the family firm. International Journal of the Economics of Business, Vol. 6, 41-56.
Jensen, M. and Meckling, W., 1976. Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
Jessica, 2007. Analisis Pengaruh Penerapan Good Corporate Governance terhadap Tobin’s Q dan Return on Equity (RoE). Jurnal Widya Manajemen dan Akuntansi, Vol. 7 (2), 170-187.
Jogiyanto, 1998. Portfolio Saham. Bagian Penerbit Fakultas Ekonomi UGM: Yogyakarta.
Jogiyanto, 2000. Teori Portfolio dan Analisis Investasi: Edisi Kedua. BPFE: Yogyakarta.
Kieso, Donald E., Jerry J. Weygandt, dan Terry D. Warfield. 2008. Akuntansi Intermediate. Edisi 12. Erlangga: Jakarta.
Kim, Y. dan Gao, F.Y., 2013. Does family involvement increase business performance? Family-longevity goals’ moderating role in Chinese family firms. Journal of Business Research, Vol.66, 265-274.
Lee, J., 2006. Family firm performance: Further evidence. Family Business Review, 19(2), 103–114.
Marcelo, M.J.L., Quiros, M.M., dan Lisboa, I., 2014. The impact of family control on firm performance: Evidence from Portugal and Spain. Journal of Family Business Strategy, Vol.5, 156-168.
Maury, B. dan Pajuste A., 2005. Multiple Large Shareholder and Firm Value. Journal of Banking and Finance, Vol.29, 1813-1834.
Miller, M.I., Miller, D., dan Lester, R., 2011. Stewadship or agency? A social embeeddedness reconciliation of conduct and performance in public family businesses. Organization Science, 22 (3), 232-245.
Mulyadi, 1997. Akuntansi Manajemen. Badan Penerbit Sekolah Tinggi Ekonomi YKPN: Yogyakarta.
Murhadi,W. 2011. https://wernermurhadi.files.wordpress.com/2011/06/tabeldurbin-watson.pdf (diakses pada 23 Mei 2015, pukul 09.50).
Nugroho, B.A. 2005. Strategi Jitu Memilih Metode Statistik Penelitian dengan SPSS. CV Andi Offset: Yogyakarta.
O’Boyle Jr, E.H., Pollack, dan J.M., Rutherford, M.W., 2012. Exploring the relation between family involvement and firms’ financial performance: A meta-analysis of main and moderator effects. `Journal of Business Venturing, Vol.27, 1-18.
Poza, E. 2007. Family Business 2nd Edition. Kogan Page Limited: USA.
Pukthuanthong, K., Walker, T., dan Thiengtham, D., 2012. Does family ownership create or destroy value? Evidence form Canada. International Journal of Managerial Finance, Vol.9, 13-48.
Reyna, J.M.S.M. dan Encalada, J.A.D., 2012. The relationship among family business, corporate governance and firm performance: Evidence form the Mexican Stock Exchange. Journal of Business Strategy, Vol.3, 106-117.
Rungtusanatham, M., Rabinovich, E., Ashenbaum, B., dan Wallin, C., 2007. Vendor owned inventory management arrangements in retail: an agency theory perspective. Journal of Business Logistics, 28 (1), 111-135.
Saham OK. 2013. http://www.sahamok.com/emiten/saham-stock-split-reverse/ (diakses pada 5 Maret 2015, pukul 21.30).
Schulze, W. S., Lubatkin, M. H., Dino, R. N., dan Buchholtz, A. K., 2001. Agency relationships in family firms: Theory and evidence. Organizational Science, 12(2), 99–116.
Scott, W.R., 2015. Financial Accounting Theory: Seventh Edition. Pearson: Toronto.
Shyu, J., 2011. Family ownership and firm performance: evidence from Taiwanese firms. International Journal of Managerial Finance, Vol.7, 397-441.
Sucipto. 2003. Penilaian Kinerja Keuangan. Universitas Sumatera Utara.
Sutrisno. 2003. Manajemen Keuangan Teori, Konsep, dan Aplikasi. Yogyakarta: Ekonisia.
Susanto, A.B. 2005. World Class Family Business: Membangun Perusahaan Keluarga Berkelas Dunia. Bandung: Mizan Media Utama.
SWA. 2015. http://swa.co.id/business-research/8-dari-10-perusahaan-keluarga-diindonesia-sudah-memiliki-rencana-suksesi (diakses pada 5 Maret 2015, pukul 23.10).
The Jakarta Consulting Group. 2014. http://www.jakartaconsulting.com/publications/articles/familybusiness/menguak-perusahaan-keluarga-di-indonesia (diakses pada 2 Desember 2014, pukul 21:59).
Villalonga B. dan Amit R. 2006. How do family ownership, control and management affect firm value? Journal of Finance and Economics. 80, 385–417.
Published
2017-09-01
Section
Bidang Akuntansi (AK)
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